May 17, 2020

Newmont Waihi Gold Secures $1-Billion in Funding for Underground Mine

Newmont Waihi Gold
funding
new zealand
Gold
Admin
2 min
Newmont Waihi Gold Secures $1-Billion in Funding for Underground Mine
Newmont Waihi Gold, awholly owned subsidiary of Newmont Mining Corporation,has obtained $1-billion in funding for the new Correnso underground mine in t...

Newmont Waihi Gold, a wholly owned subsidiary of Newmont Mining Corporation, has obtained $1-billion in funding for the new Correnso underground mine in the city of Waihi. The mine is expected to be up and running by the end of the year.

The mining company completed construction of the access tunnel in April and now plans to confirm the extent and grade of the gold deposit below.

The gold mine, which is the first of its kind, is located directly below a residential area of 45 homes. The controversial project was given consent by the Environment Court last year to proceed as well as providing a 12-year mining permit.

Commissioners appointed by Hauraki District Council to oversee the project and land use released their decision in early May.

"The top of the Correnso ore body is approximately 130m below the land surface but the current proposal has the top of the mine workings at 157m below the surface," the decision stated.

"The ore body extends to 430m below the surface, with the majority of the proposed mining to take place at a depth of 270m to 350m below the surface.

"The mine will be accessed by drives and a spiral decline from the existing Trio mine and Favona mine workings."

"The surface access point will be the existing Favona mine portal located near the processing plant."

Despite homeowners in the area appealing the court’s consent, Newmont Waihi Gold plans to proceed according to plan.

Newmont currently operates three mines in Waihi, New Zealand including: the Martha, Favona and Trio. 

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May 14, 2021

Copper production from top ten companies to increase by 3.8%

Copper
Codelco
First Quantum
Freeport-McMoRan
2 min
Following a marginal slump in copper production due to COVID-19, output from top ten companies set to rise up to 3.8% in 2021 reveals GlobalData analysis

Copper production from the world’s top companies is set to increase by up to 3.8% this year, following a fall of 0.2% in 2020, GlobalData analysis reveals. Last year’s marginal slump saw production drop to 11.76 million tonnes (Mt).

Copper

The initial impact of the COVID-19 pandemic on mining operations was immense, however, six of the ten largest copper producers succeeded in increasing output last year. In 2021, copper production from the top ten copper companies is expected to bounce back, rising by up to 3.8%, to reach 12.2Mt, according to GlobalData, a leading data and analytics company. 

First Quantum

The highest increase in copper production was by Canada’s First Quantum, which, despite all the challenges, reported 10.4% growth in 2020. The company’s Sentinel mine in Zambia and Cobre Panama were key contributors to this growth. While the latter remained under care and maintenance between April and August 2020, it delivered record production levels during the subsequent months.

Copper

Codelco

Codelco, the world’s largest producer of the red metal used in electric vehicles, also bucked the trend.

Vinneth Bajaj, Associate Project Manager at GlobalData, commented: “Despite Codelco reporting over 3,400 active cases during July 2020, the company achieved 1.2% growth in its production in 2020. The company implemented a four-phase plan, as part of the COVID-19 measures, to ensure the health and safety of its employees, while also avoiding any significant impact to its copper output.” 

Freeport McMoRan

Although the overall impact was minimal, declines in production were observed from Glencore (8.2%), Antofagasta (4.7%), BHP (3.9%) and Freeport McMoRan (1.3%). Reduced operational workforces due to COVID-19 measures, lower ore grades and production halts due to maintenance were the key disruptors to output during 2020.

Electric Vehicles

The move towards electric vehicles and clean energy from renewables sources such as solar panels and wind turbines has driven the copper price to all-time highs. Copper has been among the best performers over the last month where metals ranging from aluminum to iron ore have surged to their highest prices in years. The rally is being fueled by stimulus measures, near-zero interest rates and signs that economies are recovering from the global pandemic. 

 

 

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